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>>> welcome to "worldwide exchange." ross westgate is away. i'm kelly evans and these are your headlines from around the world. political turmoil in italy sending european stocks lower. italian banks leading the way down as mario monte keeps investors guessing in whether he'll run against sylvia berlusconi next year. the unexpected drop signals continued pressure from abroad. and meeting face-to-face, president obama and house speaker john boehner sit down for a one-on-one over the weekend. there are just three weeks left before the u.s. goes over the fiscal cliff. >>> italian shares are down nearly 3% this morning. for the most part, it is bank stocks leading the way down. we're now down about 2.76% on the ftse mib. bank stocks have been hit particularly hard this morning. earlier, we saw shares down 5.6%. we're seeing the same thing, whether it's bmps hitting session lows down nearly 6% comes amid concerns about leadership and economic reform in italy following mario monte's announcement that he'll resign once the budget has been passed. this move is likely to bring the count
of the aisle, representative tim hulz camp, mick mulvaney and dennis kucinich. david: also wilbur ross, chairman and ceo of -- [inaudible] and the former chairman of the white house council of economic advisers. i tell you, we get the prime guests right here. ed lazear says tax hikes hurt growth. find out just how much. liz: rich edson live on capitol hill with the very latest on the fiscal cliff countdown. larry shover live in the pits of the cme, and what action we saw, wow, and we've got more than $100 billion worth of advice from our market panel, bill greiner and sandy lincoln. but first, let's talk to rich edson and, rich, you know, you're looking at a situation at the moment where you have the president saying we're close, but no deal. you have senator mitch mcconnell on the republican side saying close, but no deal. leads me to ask, what about joe biden? our vice president? he's the one who kind of brought things together in the early morning hours. >> reporter: he did, and mitch mcconnell called vice president biden, and they were hammering out a deal almost to the point where
>>> this is today's "worldwide exchange." i'm ross westgate. here are the headlines from around the globe. another shanghai surprise. beijing's leadership calls for economic stability and some business growth. >>> more austerity for britain that faces further spending cuts. chancellor george osborne getting ready to face his autumn statement. it's had a number of approaches enter sbred -- interested in buying the venture. >> you're watching "worldwide exchange." >> the final serves as pmi better than the familiar number. the 45.7 was a tick-up from october. the final composite pmi is also higher. 46.5 to 45.8 flash as well, the highest since july. so the economic slump a little less pronounced in november than previously thought, although the session still looks very much on course for another quarter here for europe. the pmi will rise above 50 that divides growth between contraction. hasn't stopped the euro/dollar from hitting a one and a half month high. i suppose we know growth is going to be anemic, but if spanish banks are getting some money, are we feeling slightly better?
>>> hello. welcome to today's "worldwide exchange." i'm ross westgate. and i'm kelly evans. >> japan's prime minister wastes no time on calling on the bank of japan to recognize support after a land slide win returning the dlp to power. >>> get a little, give a little, house speaker john boehner may be willing to raise taxes on the wealthy if president obama allows entitlement cuts in return. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast fo
>>> hello, this is today's "worldwide exchange." i'm ross westgate. >> i'm kelly evans. these are your headlines from around the world -- >> opec ministers expect to agree on keeping their output target. talks about the level of u.s. production, rivalries between iran and saudi arabia, and a new secretary general could get heated. >>> italy likely to see a strong uptai uptake thanks to supply reductions before year end. >>> and let's twist again. the fed set to announce a fresh around of bond purchases to match the outgoing twist program at the end of the year. >>> the international community blasts north korea after it successfully launches a long-range rocket, prompting an emergency u.n. security council meeting. >>> all right. a very good morning to you. we are going to be on to opec later. we've got the latest i.a. data out this morning. they're saying global oil demand projected around 90.5 million barrels a day. more than forecast. they say non-opec production bouncing back. an something bit. they're saying opec crude supply inched up in november led by higher out
the bas ofthe creek but there was no sign of the man. this all began after midnight when ross police made a dui stop on the man's car near sir francis drake and college. but during the field sobriety test, this man took off running from officers. officers watched him go in the creek and eventually lost sight of him. >> they followed for about 100 yards trying to encourage the person to come out of the swift water. he swam away from the officers. the officers followed him as far as they could until they couldn't anymore. >> reporter: now, the ross police chief said he isn't going to release the name of the missing man at this point but police are very concerned about his well being since the water is cold and the current, especially in the air area where he went in, is -- in the area where he went in, is swift. it's possible a dive team could be called in to search for him. but we understand the search- and-rescue team will pick up the search at 7:00, the chief said. we have not seen them yet. we'll monitor the situation. we're live in green brain -- greenbrae this morning, alex savidge, k
. >>> this is today's "worldwide exchange." i'm ross westgate. here are your headlines. chinese factories pick up the pace in november, both hsbc and the official pmi readings hit multimonth highs, both in expansion territory. it's another month of contraction for manufacturing in the eurozone. the region still in the grip of the crisis. white house and congress may need to call the auto club to jump-start budget talks which have stalled on discussions over taxes. and singapore airlines confirms it's in talks to sell its stake in virgin atlantic. delta is amongst the frontrunners. comes around quickly. december, we're already here. not long before christmas and we have the november final pmis out of the eurozone confirmed at 46.2. that was the flash, 45.4 was october. so slightly higher. the highest since march. but 46 still deep in contraction territory. output numbers, 46.1. so that's going in the right direction. and the final manufacturing pmi export orders 46.4. again, a tick higher than the 45.9 flash, the highest since march. so the contraction activity easing to an eight
. >>> let's hand over to "worldwide exchange." that is it for "squawk box." ross will pick it up. >> yes, here are the headlines take. european stocks firmly in the green in early trade as investors and analysts cheer aerospace's new ownership structure. draghi expected to hold off on rates and bond purchases. timothy geithner has drawn a line in the sand. he says the white house is prepared to go over the fiscal cliff if republicans don't give in on higher taxes on the wealthy. you can see we're weighted to the up side by a ratio of 8:1 at the moment. finland is not trading today, so you may see some quotes not doing very well. we saw apple stock having the biggest loss in four years. the ftse yesterday slim gains really. up 0.4%, the dax up a quarter of a percent. is this a this is where we stand as we wait for the announcements from the ecb. we're up at a 52 week high for the xetra dax. cac 40 up half a percent and ibex up half a percent, as well. take a look at bond yields. we looked at that auction yesterday from spain. they raised 4.3 billion. years went lower. nevertheless
>>> hello and welcome to "worldwide exchange." ross westgate is away. i'm kelly evans. japan's central bank boosts assets by another $120 billion. boj says it will discuss raising its inflation target next month. tech stocks fall in europe after ericsson unveils a swedish crown writout related to its loss chip venture. >>> reports say the intercontinental call is in talks to buy euro next. >>> and vows to continue the current government's battle against japanese territorial claims. >>> japan's central bank has decided to extend its asset purchase program to $120 billion. it will review the bank's stance on price stability next month. abe has been putting pressure on the boj to raise its inflation target to 2% as part of efforts to fight deflation. for more on the fallout or the impact here, let's talk to luca from asia pacific. you look like you're in mourning here, but it sounds like the bank of japan has delivered pretty much what the market was looking for the. >> yes. it was delivered in order to be seen as losing independence after the campaign, very aggressive campaign
>>> welcome to "worldwide exchange." i'm kelly evans. ross is away. these are your headlines from around the world. president obama and congress return to work today with little progress seen on a deal to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fi
and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of t
for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consumption target by 2015. the hang seng finished m eed marginally in the green. losses in the services sector capped the up side. in japan, down beat manufacturing data spurred profit taking on exporters, but sharp shares gained on a deal with qualcomm. more on that coming up from tokyo. south korea kospi also lost a quarter of a percent today. heavy weight cost company underperformed as investors fear the possible bid for canadian mine may hurt it balance sheet. sherry has more details on that later. and in australia, investors shrugged off the rba rate cut which was largely priced in. we'll have more on that, as well. banks, miners and defensive stocks broadly lower. sensex trading higher by 0.2%. back to you. >> catch you a little later. that's the latest from singapore. let's get the view with daniel morris, jpmorgan. d
! >>> this is "worldwide exchange." i'm ross westgate. a one meter high tsunami hits the ming a sgi pre miyagi prefecture as a 7.3 earthquake strikes. job growth in the u.s. is expected to have slowed significantly in november. and bundesbank sharply lowers germany growth outlook for next year, down to a mere 0.4%. very good morning to you. slim gains yesterday for u.s. markets. right now we're called marginally higher. pretty flat opening actually. dow seven points below fair value. the nasdaq mini currently some four points below fair value and the s&p 500 also about 1.4 points below fair value, as well. so a cautious start. ftse yesterday up nine. right now flat. xetra dax currently just down four points, but it's at levels we haven't seen since january 15, 2008. and up nearly 28% this year. cac 40 up four point, ibex down half of 1%. despite sharply lower growth forecasts from both the ecb and the bundesbank again this morning. what it has done of course is help push down yields on bunds. you can see here this morning we're slightly higher on the session, but 1.30%. spanish yields a little bit higher
gap was behind their claims. >>> government leaders i thailand a looki ross their border with myanmar and seeing what many see. they think they're better placed than most to tap into myanmar's economic potential as it opens up. thai prime minister yingluck shinawatra visited an economic zone on the indian ocean. she met with president than schway. the cost, $50 billion. her visit was the first from a ime minister of thailand since the o'two countries signed a memorandum of understanding in 2008 to develop the area. >> translator: by april of next year clearer details should be available and we should also be able to invite investors to join the product. >> the project is set to become the western access point for a road cross the china peninsula. it would connect the indian ocean to the south china sea. it could be a gateway for foreign investment in myanmar. the project has gained extra attention since myanmar launched its policy along with economic and democratic reforms. >>> it's a legacy of decades of war. land mines and unexploded bombs kill and maim people in afghanistan almost
on the fiscal cliff. >> time for the global markets report. ross westgate standing by london. and then i say kelly. is that -- >> it's me. i'm here. we're flip-flopping kelly and i. >> we were ready no anything there. i introduced you, but then i tossed to kelly. so that's the way we'll keep it from now on. >> consummate professional. hedging your options. advancers barely outpacing decliners. very slim gains on the equity markets. but it is worth pointing out ft ftse 100 up nine out of the last ten sessions. ftse flat now. xetra dax up a quarter. cac 40 up around two thirds. ibex up half of 1% as well. spain have officially applied for bailout money. it is keeping yields well contained at the moment. 5.25%. a long way below that 6% level. italian yields also very well contained. lower today 4.41%. and the betting now is can spain keep from having to go for an official omt bailout to beyond the german elections which is scheduled september to october next year. so that's the game we play despite they have will have i issuance in 2013. gilt yields, chancellor statement coming out tomorrow. co
with andrew ross sorkin. joe kernen is joining us from washington, d.c. this morning along with john harwood. joe, i know you have a huge lineup there. and i know you were up a little late last night, too, right? >> yes, becky, very late. you and andrew, i hope you guys are ready for the heavy lifting. can i ask you a question? are they over the cliff in new zealand, do you know? >> yeah, i guess that's it. >> the sequester would have gone into effect. >> no, that's probably only affecting us here, but that shows you how close it is. we are -- i guess something could happen at 11:00. we'll see, beck. andrew, good to see you, as well. >> good to see you. >> we've switched. i've got the jacket on, you've got the jacket off. how does that capital building look? >> it looks great behind you. you look very statesman like, absolutely. you have your rise above pin on for this final day. >> he looks like a senator. >> you do have a senatorial look. >> i'm going to retire to the rise above when we start talking about the debt ceiling. we may need a whole new branding campaign. anyway, john harwood is
suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've statemented about 11110 billion pounds of recovery oil from shale crude. u.s. product will be going up overall, about a million barrels a day in 2013. about 65% of it will be shale crude. and it will continue to grow. >> people should understand we're not just talking about gas. we're talking about methods that's right.extract more oil. gas is clearly surplus. we're going to have l&g exports in the united states. we have a long-term growth phenomenon for natural gas. what people don't realize is how huge the oil is. when we talk about $110 billion of recovered oil, that's on 7.5% recovery rate. the resource itself is huge. it's not just the united states. it's all over the world. it's just that the united states has the technology, the environmental policy which has allow
for person of the year? e-mails us here, tweet us. i think ross westgate gets my nod. we'll see if maybe he comes out ahead in our unofficial reader poll. staying on that topic, the financial times has named its person of the year. we'll tell you who it is and talk to the newspaper's editor when we come back. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shi fedex o. >>> you're watching "worldwide exchange." shanghai shares see their biggest gain in more than three years. flash pmi data suggests domestic demand is strong enough to boost growth. mixed signals from flash pmi data in the eurozone, business activity expands for the first time sips april, but we see contraction for the 11th consecutive month. >>> and japan's reading comes two days before a nationwide vote that polls suggest will hand the lpd opposition a landslide win. >>> the financial tim
fedex express ecember 22nd for christmas delivery. >>> welcome back to "worldwide exchange." ross westgate is away. i'm kelly evans and these are your headlines from around the world. a setback for negotiations between congress and the white house as house speaker john boehner's plan b fails with just ten days left until the fiscal cliff deadline. >>> markets are trading lower around the world on that news. ars, arse announcing make write-do write-downs. >>> and maybe there are just two hours to go before the end of the world. reports suggest there is panic buying around the world as the mayan calendar chicagos towards its cataclysmic conclusion. >>> well, let's check in on markets. if we can brick them in behind me, here is what's going on. u.s. futures, we see the s&p, nasdaq and dow jones all pointed well to the down sides. thin trading does tend to exacerbate the knee jerk reaction we saw out of the news on washington last night. so it looks like the dow could shed 160 points at the open. we'll keep an eye on this throughout the morning. across europe, the mood has been pretty
, it may partially reopen by tomorrow. that road, north of jenner to'ross has been closed for three weeks -- jenner to fort ross has been closed for three weeks. >>> pacifica has designs in place to prevent clogging. they are installed on top of and meant to keep the trash out of storm drains and the ocean. workers will monitor this before and after the storms. >>> a big story. some chevron jobs leaving the bay area. why hundreds of employees will be on the move. >>> a hit-and-run driver takes off after a fatal accident involving a man and his job. his-- an his dog. >>> police are searching for the hit and run driver who ran down and killed a man and his dogs. those victims were found at sutter and louisiana streets yesterday morning. now, one of the neighbors told ktvu she heard a loud noise. didn't see any skid marks, though, and no sign of the driver. the dog died right there at the scene. the owner of the drug, a 64- year-old -- dog, a 64-year-old man, died later at a hospital in fairfield. neighbors say drivers speed through that area all of the time. >> all kinds of young people, th
" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky quick is out today. our guest host this hour, rebecca patterson and peter. check out today's lineup. it is a biggie. we have an exclusive interview with dallas fed pet jrichard fibber. and the interview of the morning you do not want to miss. it is a crazy story we've been talking about for the past two weeks. john mcafee will be joining us live on camera at 8:40 a.m. eastern. we're going to get the latest chapter in this mystery that has murder, mayhem and suspension. his life is the movie of the week, if you will, and we will have it live right here at 8:40. please, do not miss that. let's get you caught up on some of the other headlines this morning. house speaker john boehner and president obama met for the second time this week. both parties are trying to avoid the fiscal cliff. the men had a frank discussion and the lines of communication remain open, although no specific details were released. the meeting came after frustration in washington. this was house speaker boehner earlier in the day. >> republicans want
quick along with joe kernen and andrew ross sorkin. let's take a look at our lineup today. first off, bob doll will be giving us his lineup for stocks. that's coming up at 7:00 a.m. eastern time. at 8:00 eastern, a cnbc exclusive. david tepper, one of the world's top performing hedge fund managers will join us to give us some of his wisdom in a kaerc t can't-miss interview. a lot to talk about with him. in the meantime, why don't we get to some of today's top stories. we could see some movement in the fiscal cliff negotiations. house speaker boehner offering to raise the top tax rates on those making over $1 million a year as well as other measures amounting to $1 trillion in new revenue. that's in exchange for an equal amount in spending cuts. the white house has not yet accepted the proposal. >>> also, apple says it has sold more than 2 million in iphone 5s in china just over the last three days. that's the best ever debut for the iphone line in china. apple is china's second biggest market, although it did lose a lot of market share while they were waiting for that i5 to come out
ross sorkin. our guest host this hour is julia sed. fiscal cliff negotiations, our top story. now president obama is proposing leaving lower tax rates in place for everyone except those earning $400,000 and above. that's above the $250,000 threshold that the president has been demanding for months, but it is still far from speaker john boehner's request of $1 million. a source familiar with the talk says this is by no means the final offer for the white house. the move by the president was welcomed, albeit with some reservations. we will talk about the latest developments in just a few minutes. in the meantime, the global markets seem to be taking note of the optimism. you can see right now that those dow futures are up by 54 points. this comes after a decent rally for the markets yesterday. s&p futures at this point are up by better than seven points and the nasdaq futures up, as well, by about 17. european shares rising. germany is up, the ftse is up, the france, the cac in france has turned slightly down. but, again, this is a marginal loss of about three points. most of the ma
on cnbc. i'm andrew ross sorkin along with joe kernen. becky quick is off today. our best host this hour, alexander ladenthal. we have a lot to cover with her this morning. here we are, christmas eve. it's a shortened trading session for christmas eve. u.s. equity markets will close at 1:00 p.m. eastern time. bond currency and commodity trading they're going to end early. in japan, indonesia, the philippines, they were all closed in europe. only the uk, french, dutch and spanish stock markets are open and they're going to be closing early. there are now only five trading sessions left in 2012. get your act together. stocks and bonds, solid gains so far this year. the dow has advanced 8% in total. the s&p 500 up almost 14%. the nasdaq has jumped 16%. it's been a good year. the end of the year also means we are just days away from the fiscal cliff, however, and that's the bad news. and looming tax hikes, spending cuts, all of that. both sides warning a very big deal becoming a bit more unlikely. >> and my one bit of advice to speaker boehner is this. you cannot pass a bill with just republ
like we're living a bit on the edge of the fiscal cliff, at least. i'm andrew ross sorkin along with joe kernen and becky quick is off today. our guest host this hour, ed kehone. he's the management associate portfolio manager and we are thrilled to have ed aboard for -- i think you'll be here for longer than an hour. you'll be here for the whole broadcast. >> as long as you need me. >> you're like -- how long were you at -- you were at prudential. >> it's owned by prudential, so i've been at peru don'tal for almost 15 years now. >> widely quoted. you know who has made a comeback is ralph -- >> akampora. >> i've seen him around. do you remember his nickname? >> i don't. >> whatever you think of him, he's a great guy. >> he's a good guy. >> ed is going to try to make us slightly -- >> be a little sensitive. let's get you some some of the morning headlines. the biggest one being president obama planning to meet with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to
.j. maxx, ross, i don't know, is one area doing benter than another right now >> >> i think the analogy of a barbell works. the low eed discounts doing well, and the high end. it's the people in the middle struggling for the right business model. >> you have a juicy dividend, 4.3%, but we have to let people know taxed at a regular income rate so if something happened in the fiscal cliff discussions, you're already taxed at 35%. >> exactly right making these dividends look better as ordinary taxes go up. >> absolutely. important point, folks, and bet ere than your savings account or treasury yield. 4.3%. what's not to love? good to see you. >> thank you, liz. liz: happy holidays. >> thank you. liz: closing bell ringing in 28 minutes. if you're trying to figure out who the winners in retail for the holiday season are, and, yeah, losers, too, you may need an edge, maybe somebody doing the leg work for you. don't lift a peter. wedon't lift a finger, we have peter to do that, and he'll tell you what's hot and not. his fund beat the s&p500 by the wide margin, year after year, coming up next.
in august for 138% gain. as sold ross stores in september for 149% gain. i have moved on into other sectors. i think knowing when to sell a stock is about as important as what to buy and when to buy it. when the sentiment turns on a sector, like it has on these gunstocks, it reminds me of the tobacco industry about ten or 15 years ago. i remember when philip morris went down to nine tomentum dollars per share. sentiment is a big part of investing in the market, and you don't want to be on the wrong end. liz: absolutely. would you say right now it's very much a wrong and then do these names ever recover from something as terrific as this? >> i think it will be of long time. no one knows where this will lead. i think a lot of the sporting goods stores will step away from the gunstocks. who knows. maybe they go after the gunmaker's reliability. maybe the restrictions did a lot tighter on buying guns. i don't think you can stop the kind of violence that we saw by limiting guns. i mean, what is to prevent a guy from strapping a bomb on to himself and walking into something very similar. but in t
" begins right now. >> welcome to "squawk box." i'm becky quick along with joe kernen. andrew ross sorkin is on vacation this week. onset with us is drew mattis. welcome. thanks for getting up early. >> i'm always up at this time. >> we'll be going through secretary geithner's comments, but first let's get you up to speed on other stories. joe was talking about apple. it has been a rough ten weeks for the most valuable u.s. company. shares tumbling more than 6% yesterday shedding $35 billion of market value. among the reasons cited by analysts, a forecast by an influential research firm suggesting that the iphone and ipad maker is continuing to give up ground it rival the android gadgets. there were also unconfirmed reports that at least one major stock clearing house was raising margin requirements. and then there's the fiscal cliff. analysts citing fears about a hike in capital gains tax in 2013. rick santelli has been talking about this, though, the things that were up in 2012, those are the things being sold now, whether that be gold or any number of assets that rose appreciably over
kernen. andrew ross sorkin is off. we have two well-known market voices joining us. barry knapp and richard bernstein. we have a lot to talk about. thanks for coming in. we'll start things off in just a moment. we do want to begin with the markets and that looming fiscal cliff. the dow finishing november lower for the second consecutive month. the blue chips falling half a percent in november. and #% sinnasdaq and s&p did fi higher last month. six out of ten sectors managed to post a gain. consumer discretionary stocks up the most. utilities the biggest losers. and while individual trading sessions may have been choppy, it was another month of low volatility. the vix remained below 20 for the fourth consecutive month and that's the longest streak since february of 2007. a big part of the market story has obviously been a big topic dominating the sunday talk shows. tim geithner arguing republicans need make the next move in negotiations. >> republicans have said that they don't like those reforms or they would like to do more. and if that's true, then they should tell us what the
. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew ross sorkin is out today. he'll be back tomorrow. president obama and speaker boehner are not commenting about their meeting yesterday, but me members of the parties are continuing the public debate about taxes, spending and the fiscal cliff. republicans want a melt on xwiemtment and tax reform from the president. democrats insist this will not happen until the gop agrees on a tax hike. senator dick durbin saying no deal on the debt without a tax hike of the wealthy. >> i can't tell you, i don't want to do it, the president doesn't want to do it, but we need to solve the problem been we cannot allow the reckless position to drive this economy into another recession. >> some suggesting that it might be better to cave to the president now on taxes and keep up the fight on spending. >> if we were to pass, for instance, raising the top two rate and that's it, all of a sudden we do have the leverage of the debt ceiling and we haven't given that up. >> meantime, one influential voice says enough is enough. >>
's probably wrong. >> poor ross. >>> all right. power players coming up. >> no 13th month? >> in the world of investing. carlisle's david rubenstein, steve shoresman blackstone, venture capital's marc andreesson, and jamie dimon. look at that -- >> in addition we have jerry webb. make us all -- the rest of us feel -- >> we have one -- >> you're an economist or something? you play on to have -- you can think about the 12-12-12 thing in the meantime because you're good at math. >> yeah. all that stuff. >> all right. >>> as we move closer to the edge of the fiscal cliff, every move is being magnified by the markets. president obama and house speaker john boehner spoke by phone on tuesday, exchanging new proposals. the president gave boehner a revised offer on monday, reducing his demand for new tax revenue from $1.6 trillion to $1.4 trillion over ten years. boehner responded with a plan that largely sticks to his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal. that hasn't been done before. in an ex
on the street" countdown to christmas continues. ho, ho, ho. ♪ >> andrew ross sorkin is bringing lloyd blankfein on stage. let's take a look. here's goldman sachs ceo lloyd blankfein. >> a number of people have touched on the fiscal cliff, and i wanted to start with that, but in a different way with you this morning, in that you have been active in washington over the past couple of weeks and all this. you've been on the phone with the white house. i've read reports that you were on the phone with the white house earlier this week. just if you could, take us behind the scenes. what goes on on these conference calls with the business community? sort of what do you see actually happening right now? >> i don't want to oversell this. i was on a couple of conference calls that the white house had with myself and other people who participated in meetings at the white house. i think the white house is trying to -- and frankly, they're doing a good job of marketing their position on this and being -- and trying to be open and transparent, responding to questions. not every question that we ask. not ever
and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying where they are right now, which is close to zero, of course. until at the very least the jobless rate falls to 6.5%. we can only cross our fingers wherefore when that might be. ben bernanke says these changes will make the central bank more transparent adding they can only help the markets. the central bank ramped up its asset purchase program adding $40 billion to its $40 billion a month purchases of mortgage-backed bonds. he spoke about the objectives during wednesday's news conference. >> the asset purchases and the rate increases have different objectives. the asset purchases are about creating near term momentum in the economy, trying to strengthen growth and job creation in the near term. and the increases in the federal
on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. andrew, welcome back. i hope you're feeling better. >> thank you. i had a little bit of a stomach bug. >> we're all a little sick around the table here. >> i know. it's a little -- i feel like weak, you know when your bones feel a little something? you had that, joe, two weeks ago, right? >> exactly what you had. you didn't -- you remember -- i remember bridesmaids, right? i'm not sure what all that came out of. i had both going. you didn't have both going? you are the just -- you were hurling. >> i was, i was. in the middle of the night. i had to send an e-mail to the producers. >> it's very weird. it's not even a 24-hour thing. >> no, i will say it was going by when the show was still going on. >> we have a pro gun advocate on. >> you didn't throw up when -- okay. >> by the way, a viewer has offered to take me shooting in new jersey at a shooting club. >> i saw a lot of stuff. >> i'm taking him up on it. but we have news to get him up to. >> some people hold that second amendment thing, they actually think it means
and andrew ross sorkin. we are one step closer to the cliff and still no deal. you could say we've taken a huge step backwards at this point. we will be joined to talk about why plan b, that bill didn't make it to the house and what the next step is. coming at 6:40 eastern time, red hat has been red hot. that company reporting quarterly results and we have the ceo. at 7:00 a.m. eastern time, we will welcome our guest host, roger altman and barry knapp. we have thorsten heins joining us, as well. >> our big story of the morning, it could be a tense days for the markets as the resolution to the physical cliff appears less likely. we can see the futures opening at least 150 off if things keep up the way they are. house speaker john boehner failing to mount enough support for his plan b that would raise taxes only on families earning more than $1 million. the president vowing he will press ahead with congress to get a deal done. >> he wasn't going to do it, anyway. what does he mean it will press ahead? >> i don't know. >> because it wasn't going to go to the senate. >> but to me, the demons
on facebook. on the technical side, richard ross is with me. on the fundamental story, zachary carabell. gentlemen, good to see you. zach, do you think being added to the nasdaq 100 helps facebook's stock? >> no, it's a good one-day story. it helps for liquidity, but this is not a name with hundreds of millions of shares in circulation that needs liquidity help. it's a nice thing to talk about, but not help for the stock. >> what do you think, rich? >> we love the chart. look, there's a thin line between love and hate in this business. we hated it at 33. we love it here at 28. we bring up the chart, i'll tell you how we get there. we've taken out the down trend that's been in place since the failed ipo you alluded to. we now have a four-month base of support. we say the bigger the base, the bigger the support. we see upside to 33 on facebook. we're a big buyer. >> zachary, what do you say about that? >> you know, obviously the name has been working. it's down hugely from its ipo price. momentum, as any trader will say, and i'm not speaking with that hat, can be your friend, but it can a
with richard ross and on the fundamental side it's max wolfe with green crest capital. guys, we're tight on time so you've got one chance to make your case. max, apple tv, what effect would have that on the company's stock? would you buy it? >> people will like it, a chance to use another samsung product and stick some of their stuff in it, rebrand it and advertise it and sell it for more money. i don't think it's a game changer, but it will keep people buzzing in a positive way. i think ultimately they will lose market share in the tablet space and it's hard to bring the iphone 5 or 6 back up to where the iphone 3 and 4 and 4is were. i like the company, always have a good fourth quarter, but they will have to do something to stick apple tv in a box and charge three grand for it. >> rich, what do you say about apple right now? >> technology is unpredictable. right now charts are telling you, you want to hang in there and you want to be a buyer. when you look at long-term weekly chart, we're all familiar with the 25% pullback to key support at the well-defined trend line. what i love abou
down more than 7% and dollar general off 6% and ross stores losing more than 4% and walmart, the world's largest retailer, the biggest loser of the dow 30 for the week. j.c. penney shares up more than 15% this week. the s&p 500's biggest weekly gainer. material, the week's biggest gainer, cliff natural resources up 14% and u.s. steel up 8.5%, but by far the biggest talker of the week is a. just two analysts today warning that iphone sales might be less than they were expecting. the stock down almost 5% for the week and dragging the nasdaq down right along with it. see that happen almost every time. thanks so much. >> courtney reagan with the latest. want to update you on the tragic school shooting in connecticut. let's get to nbc's chris polone. chris? >> reporter: yeah, maria, this is a stunned community as is much of the northeast and the country upon hearing of the awful event that happened here today in newtown, concould. police briefed the media giving the latest information, and here's what we know so far. 26 total victims, 20 of them young children. civics them were adults in th
ross and on the fundamental side it's steve cortes with veracruz. rich, look at the charts. which of these do you prefer, or do you prefer them right now. >> well, bill, the case of the biggest loser here, but overwhelmingly i prefer groupon. stock became public a year ago in facebook style. lost 90% of its value in just 12 months. had a nice bounce here. we've taken out the downtrend from the february high and taken out 509-day moving average. you see that key resistance, that key level at 550. i think we're going to take that out. we have a v-shaped reversal. a lot of momentum. we see projected upside to the 200 day, 8.40, 8.50, a very nice upside. we'd be a big buyer of groupon. j.c. penney, stay away from j.c. penney. the stock has been disappointing investors for over five years. down 87% from the 2007 high around $90. gotten a little bit of a bounce. you want to fade that bounce. don't trade that bounce. >> okay. >> you can sell your shares to steve because you want to buy them, right? >> i'm on the exact other side of this. bill, would i say trying to choose between these t
at ross stores, t.j.'s, and bed bath and beyond had they grab a sector because they have the most inexpensive earnings momentum. there's another strategy for more sophisticated investors, too. when i know which are the best of the best in terngs of earnings because i focus on the calls and a muj hoont of money was poured into a given -- a huge amount of money was poured on into a given sector, i might sell the eft and buy the best performers according my earnings per share work. that way if it turns for the worst, we get a huge macro number that hurts or get weakness out of europe, i can lose less than people just playing the earnings momentum game because i own the best, and i am short the rest. >>> sector analysis particularly important technology. people confuse this group of stocks constantly. tech is actually a whole group of sectors, semiconductor -- semiconductors, hardware makers, cell phone, tech, telecommunications tech, infrastructure stocks, assemblers, each has a separate growth rate. here i look to look at the earnings per growth rate shares of companies i follow ver
etf, which i use the rth, i am in there with the ones with the best momentum. similarly, ross stores, tjx and bed bath and beyond during these sectors, when they grab a sector because they have most inexpensive earnings momentum. there's another strategy for more sophisticated investors i want to let you in on too. when i know what's in the best of the best in terms of earnings because i focus on the calls and a huge amount of money was poured into a given sector, i like to hedge my bets, sell the etf, and buy the best performers in the etf according to my earnings per share work. that way if the move takes a turn for the worse we get a large macro number that hurts our market, one of those government numbers, or we get some weakness out of europe i can lose less than the people just playing the earnings momentum game because i own the best and i am short the rest. sector analysis is particularly important in technology. because people confuse this gigantic group of stocks, which comprises more than 15% of the s&p 500, constantly. tech is actually the agglomeration of a whole group o
to "squawk box" on cnbc. i'm joe kernen, along with andrew ross sorkin. becky quick is off today. is this evans hour? "youngblood?" >> i don't know this song. ♪ >> futures are higher not as much as before. 17 points or so. being up at all with the fiscal cliff really looking like we're -- why wouldn't we head over. you go back to 39.6 on anybody 250 and above and ride in and lower taxes and be a hero. see republicans vote against that. >>> pre-christmas shopping rush wasn't much of a rush at all, at least not the type economists were expecting. a mastercard spending poll reports holiday sales were up .7 of a percent a year ago well below expectations. and we'll get a fresh read also on home prices when the monthly ca case-shiller report comes out at 9:00 eastern and congress thinks it will show 3.7% in prices for october from a year earlier, continued improvement. and netflix customers were hit by a partial holiday outage, some unable to access the service from clrm eve through thursday morning. they should have been spending time with the family around the hearth. >> a lot of
toll plaza in 2009. during his trial, nathan burris said he shot and killed debra ross and ercy everette because he was jealous of their relationship. he also said he had no regrets an preferred the death penalty instead of life in prison. >>> 8:05. a man to -- plan to expand a sikh temple in fremont is running into complaints. the temple is on ridarra road in the niles district. temple leaders want to expand it from 28,000 square feet to 41,000 square feet. some of the neighbors say traffic and parking were already a big problem because of the temple. >>> food service workers at oakland international airport may go on strike this week. the workers say they've been without a contract for months. they will go on strike unless an agreement is reached by midnight thursday. now, the two sides are arguing over healthcare costs. the workers also say the airport contractor has proposed getting rid of paid meal breaks and freezing hourly wages. >>> today, a proposal to lower taxi medallion fees in oakland is being considered of the plan would reduce the fees in half to about $500 a year
control between my ears great road and for ross wrote in sonoma county on saturday whether permitting that segment of road has been closed when storms underg mind the ground. >> a hit and run driver will inch for pedestrians and san francisco's twin peaks neighborhood is under arrest. the accident was reported shortly before 9:00 on christmas tree with gold. three professors were struck by that sedan. there was a fourth person. he managed to drop out of the way. one of the victims being treated for light trading injuries. there was an occupied in the vehicle that sustained minor injuries. california's utility regulators have decided to allow pg&e pass on part of the cost of pipeline upgrades to the customer. the utility company was ordered to improve the safety of its natural gas pipeline system following the massive 2010 explosion in san bruno which destroyed an entire neighborhood and left eight people dead. >> not with the approval of state regulators pg&e customers will pay more than half of the cost of the $2.2 billion upgrade. this translates to about $1 more on utility bills. c
is in washington d.c. with more of ross. >> reporter: health care exchanges are a big part of obamacare, but as the deadline today, about half of the state to saying, no thanks. we are not going to operate them ourselves. eighteen states plus d.c. will create their own. twenty-six states will let the federal government set them up for them. six states we will set them up in partnership with the fed. some republican governors are passing because they oppose the obamacare from the get go. other governors are awaiting more details from washington demoted think that these things are too risky to take on. let the fed stayed down all the risk and possible unexpected cost. massachusetts, however, has been operating one of these for several years. they are supposed to be like travel loss of the cover buying health insurance coverage. sign-on and shop around for the plan that is the best price with the options that you want. now, the administration is counting on these to help provide insurance coverage for up to 203 million people by 2016. they are all supposed to be up and running by january 1
of the year. ashley: sandra, thank you very much. breaking news, before the head of the imf dominates ross khan has reached a settlement. claiming attacked her in may of last year. details we're told will remain confidential and by the way, not in the courtroom are we are. >> collecting something. >> imagine the details are revealed. ashley: let's get back to the details, our next guest says it would go over the fiscal cliff at the end of the year, we are in for a big stock market. i like that. chief investment officer joins us now. thanks, hitting the market actually believes we will come to a deal. >> absolutely. you get this sense it doesn't really wants to sell off even with all this uncertainty with both sides going back and forth, are we talking, are we not talking. the market seems to be creeping higher, seems to be seen through what is traditional political rhetoric and grandstanding and recognizing a deal will be done. ashley: it is one thing to get a deal, one other thing to get a bad one. even though we did not follow the cliff, we are stuck with a lot of bad decisions. >> even
and steve liesman who is in for andrew ross sork been. the futures are weaker this morning. the dow futures only down 15 points right now so they've shown some improvement. s&p futures down 1 1/2 points. investors focused on the november jobs report which is out 90 minutes from now. the dow jones forecast is calling for 80,000 new nonfarm jobs for november with the unemployment rate remaining at 7.9%. reuters is expecting 93,000 jobs. >>> there's no deal to resolve the fiscal cliff but there are indications of inside-the-scenes talk. the white house told reporters that lines of communication remain open not sure exactly what that means but a spokesman for house speaker john boehner used a similar phrase. maybe that means call me? i don't know. analysts say there are some suggestions that there's real progress that can be made. >>> a 7.3 magnitude earthquake hit the northeastern coast of japan this morning, the same area as the devastating march 2011 quake. but there was a tsunami warning canceled and reports of injuries or damage even though the quake shook buildings. workers at the fukushi
with jeff henserling of texas. right now, let's bring in our coworkers, joe kernen and andrew ross sorkin. thank you. good to see you. >> good to see you, too. >> it wag something to see when we -- well, i'm not going to go into it. but we hugged it out. >> a big bro man. >> the only thing is, you weren't here, which made it bittersweet. >> we'll have her back tomorrow. >> we will. >> we'll see you tomorrow. we hope you had a good trip down on the amtrak. >> i did. >> hopefully you had the bison chili. >> no. there was no bison chili this time. it was steak or a shrimp pasta or -- >> really? >> yeah. >> i've had the shrimp pasta. >> i had the salad. >> i won't eat bison anywhere but on the amtrak. >> sound policy. >> we'll have more from becky and jim cramer will join her in d.c. for now, let's get up on the morning's top stories. the fed is hold ago two-day meeting in washington and a news conference by bernanke is set for tomorrow afternoon. operation twist expires at the end of this month. the central bank is expected to maintain its purchase of bonds with longer maturities. and we'll
" begins right now. >>> good morning, everyone. welcome to "squawk box" on nbc is. andrew ross sorkin is out today. we hope he's feeling better soon. >>> as we've been talk being the fiscal cliff this week, president obama and speaker boehner appear to be inching toward a deal. last night republicans announced plan b in case talks fail. they'll be moving to pass their own tax bill as a backup plan to avert the tax hikes. and the automatic budget cuts set to happen next month. it would extend low tax rates except on those with incomes of $1 million and above. president obama's latest position puts that threshold at $400,000. >> at this point, having a backup plan to make sure that as few american taxpayers are affected by this increase as possible. >> now no one expects that the gop bill will pass the democratic-controlled senate. in fact, harry reid said forget it, they're not going to be passing any of these things. but this is another option out this. and it does change the dynamics in terms of who's going to be blamed for raising taxes. we'll see how this plays out. >>> among our g
'm going to lose if i raise taxes. >> it's happened before. >> i also remember ross perot got 22% of the vote that time. >> you're saying that the threat to pull the plug on any representative who took the pledge is far greater than any desire to rise above. >> they like being members of congress. there's no doubt about that. >> they do, don't they. >> yes, they do. >> don't mention pumps. . >> when we come back this morning, a new report finds that exporting nat gas will actually help the u.s. economy, but not every day is a winner. >>> vice chairman alan blinder will tell us what he thinks. >>> a new study from the federal government shows exporting u.s. natural gas overseas has the potential to reshape the global energy markets. the obama administration has said the study will be central to the decision on whether to export. he said exporting the gas would be a bigger impact on the economy. >> slap in the face of dow chemical. of coke, not coke the beverage company. but this was something that was hotly disputed within the romney campaign. he really let this stuff go because t
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